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Starting a franchise

  • 12-06-2011 5:02pm
    #1
    dellas1979
    Closed Accounts Posts: 4,128 ✭✭✭


    Hi guys,
    No idea of whats involved here.
    Say you have an idea to franchise a business (clothes).
    What costs are involved?
    Are we talking huge money?
    Thanks

    Sorry the title might be misleading. It is a current business that may have franchise possibilities.


Comments

  • #2
    Kinetic^
    Closed Accounts Posts: 13,249 ✭✭✭✭Kinetic^


    Read the e-myth.


  • #3
    dellas1979
    Closed Accounts Posts: 4,128 ✭✭✭dellas1979


    Sorry, what?


  • #4
    DubTony
    Registered Users, Registered Users 2 Posts: 3,267 ✭✭✭DubTony


    this I assume

    www.e-myth.com
    http://www.e-myth.com/pub/htdocs/emr_ch1

    or this

    http://www.amazon.co.uk/s/ref=nb_sb_noss?url=search-alias%3Dstripbooks&field-keywords=the+e-myth&x=18&y=14


  • #5
    dellas1979
    Closed Accounts Posts: 4,128 ✭✭✭dellas1979


    Ok - well thanks for the link - i did read the excerpt from the book, but didnt really answer anything and it wont be something I buy for advice (he is the real E- Myth isnt he!!!).

    I know there are real huge financial and time risks involved in opening a business. Has anyone here opened/actually ran a franchise??


  • #6
    Gloomtastic!
    Registered Users, Registered Users 2 Posts: 8,826 ✭✭✭Gloomtastic!


    For you to successfully launch a franchise it needs to meet a few criteria:

    1. It needs to have a very high profit margin - 50%+. This is to allow you and the franchisee to make money.
    2. It needs to be easily transferable. A business that anyone could do with a minimum of training.
    3. Operators Manual. Every aspect of the business needs to documented.
    4. Management back up. You need to be able to offer advice and support to your franchisee throughout the life of the franchise agreement.
    5. Franchise Agreement. A fairly tight franchise agreement that controls all aspects of the business.

    If you are happy with all of the above then perhaps talk to the Irish Franchise Association. They can offer you advice and help - for a price of course!


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